Chatbots and Banking – Can Bots Help Us Provide Better Service?

First online banking, then apps, the next step will be bots. Photo Credit: Shutterstock/Tippapat

With the economy being fluctuant in the recent past and with two economic crises behind them, banks are facing difficulties and their results are falling behind. On top of that, traditional banks are, in general, facing many difficulties on the market, given the fact that there are many digital based providers that steal their customers.

This is why banks are looking to improve the quality of their service, become more efficient and automate their operations so that they can handle a greater amount of work more easily. No matter what type of business industry we are talking about, going digital is the best option and investing in digital solutions is a must to stay competitive.

This is why banks are in need of a brand new software solutions called Chatbots. Chatbots can be beneficial to banks, as they are much simpler than traditional banking apps which can be really expensive. Nor do chatbots require anything like the same level of coding.

What are Chatbots and why do banks need them?

Chabots are programs that leverage natural language processing in order to understand and respond to various voice commands or texts. Fundamentally, the goal of Chatbots is quite simple, they need to understand some information in the form of text or voice questions and give valuable feedback for that question.

When it comes to the banking industry, organizations can use these software solutions to give valuable answers to customers quickly and accurately, but we are only scratching the surface here. When it comes to being recognizable as brands, banking businesses are struggling and people have no perception or trust in them.

A chatbot has a kind of personality. It provides an interactive engagement for the customer and – far more than browsing a website – allows the bank to communicate its own identify at the same time as providing the information the customer requires.

Chatbots provide valuable content to users

Today, banks offer a lot of different services and products related to finances, including debt cards, personal loans, credit cards, mortgages, financial planning, savings accounts and so on. But still, a lot of clients – or potential clients – still aren’t fully aware of all of the options that a certain bank offers them.

On top of that, clients like to use different services, depending on what different banks provide and what their needs are. The result of this is that many people have multiple credit cards, mortgages or savings accounts with different banks. For the customer, Chatbots have the power to engage with information across platforms; for the bank, the bot will ensure that all its products are part of the data that the chatbot can draw on in the conversation with the customer.

Chatbots can also gather valuable feedback and offer clients various products and services based on their responses and questions. Theses automated tools can try and engage customers without being annoying and gather important data, while at the same time reminding people of what they are missing.

Chatbots improve brand’s presence

Banks are struggling with their brands, but Chatbots can help them ensure a recognizable tone, communication style, and brand consistency. Given the fact that Chatbots are automated, they will always remain consistent and the branding incentives implemented in them will always be the same.

This is a very important thing when it comes to branding, as consistency promises memorability. For example, call center services will always have variations in the customer service because the calls are handled by different people who all have different approaches.

Customer support employees that work for a bank can provide different customer service quality, given the fact that there are so many factors that affect their work including: knowledge of a certain topic, interest, ability to pay attention to detail, current mood, fatigue, personal situation and so on.

As you might have already guessed, none of these factors affect automated Chatbots and as long as the bank acquires a smart Chatbot system that has the power to respond to all the specific questions, potential clients and returning clients have, the answers, messages and tone will be the same during every communication.

How Chatbots can improve customer service

“All banking leaders understand how a perfect customer service would give them a competitive advantage and that’s why they turn to Chatbots!” – Avi Ben Ezra, Chief Technology Officer of Snatchbot.

Tech-savvy clients are always looking to get quick solutions and personalized help that will boost their experience. This is why Chatbots are such a valuable asset.

When implemented as a part of customer service, Chatbots can automate the whole process of serving customers. This means that no customer will be left out and everyone’s questions will be answered on time. Furthermore, customers will get a single comprehensive channel on which they can get all the information they need.

All of the work of talking to customers is automated, meaning that there is no need for large call centers where dozens of employees talk to people. This reduces costs dramatically and improves efficiency. On top of all these advantages, Chatbots are available 24/7 and they can give people answers whenever they need them.

Chatbots are scalable

Many organizations have trouble adjusting when their business peaks or drops during certain periods of the year. In banking this a common thing, as people get scared due to a financial crisis or they hear the news that now is the time to get a good mortgage.

On top of that, a bank needs to be able to scale to meet all of the demands that will allow it to grow as an organization. With traditional customer support methods such as call centers, this would mean that a lot of people will have no work, because there are less calls coming in and a business has to pay those employees for nothing.

On the other hand, during a business peak, a bank cannot simply hire new employees and lay them off two weeks later when all the commotion is gone. A comprehensive Chatbot system has the power to take on a lot of customers during these rush hours and help a bank expand its client base effortlessly.

Given the fact that various cognitive systems and AI solutions are being improved constantly, it’s only expected that Chatbots will get smarter and smarter. This means that banks will be able to create stronger customer relationships, retain customers, and differentiate their brands. This is why investing in Chatbot software solutions is a must.

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Ivan Dimitrijevic is a seasoned blogger and SEO consultant with years of experience. His set of skills includes Digital Marketing, Search Engine Optimization and blogging on a wide variety of topics. He has had many articles published on serious blogs over the years. His approach is direct, personal, professional and he will strive to use 100% of his knowledge and apply it to each and every project.

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